12月20日下午，"今世有缘，相伴扬子"扬子晚报创刊40周年书画名家笔会暨今世缘（603369）创牌30周年书画名家迎春活动在扬子晚报11楼中庭盛大举 行。在活动期间，今世缘酒业高级总监兼南京大区副总经理、国缘推广中心经理牛海军接受扬子晚报专访，分享了今世缘与扬子晚报的情缘以及今世缘酒 业的文化魅力。 1996年，今世缘在南京首次亮相，大获成功，南京成为了今世缘发展历程中的"福地"，此后今世缘与扬子晚报保持着密切合作。"十四五"以来，今世缘 从"十三五"末的营收50亿元，成长到2023年营收突破100亿元，位列中国白酒上市公司第七位，近四年为国家贡献税收近130亿元。这份耀眼的成绩单一方 面得以于江苏这片营商沃土的滋养，另一方面也得益于今世缘苦练内容，这些年来在文化升维、品牌升维、品质升维、人才升格、情怀升华几方面做足功 课。 今世缘酒业建立了以"缘"为核心的文化体系，以文化兴企，打造发展的"隐形翅膀"。"'以缘载道、以缘立誉'是今世缘的根与魂，而'缘'恰恰是连接酒文化 与书画艺术的天然纽带。"牛海军表示，酒是情感的催化剂，书画是意境的表达者，无论是老友相聚的酣畅、事业合作的默契，还是对美好生活的向往， 酒与 ...

Core Points - The Singapore Beijing Association has officially been established to enhance cooperation between Singapore and Beijing in various fields such as trade, culture, and technology [1][3][9] Group 1: Establishment and Purpose - The Singapore Beijing Association was launched on October 26, 2025, with the aim of promoting deep exchanges and cooperation between the two regions [3][9] - The association's mission is defined as "public welfare-oriented, integrating new China and Singapore, innovative development, and win-win cooperation" [9] Group 2: Key Figures and Attendance - The establishment ceremony was held at the Shangri-La Hotel in Singapore, attended by nearly 500 representatives from various sectors, including diplomats and business leaders [6][11] - Notable attendees included the Chinese Ambassador to Singapore, the Singapore Ambassador to China, and various leaders from business and cultural organizations [6][11] Group 3: Diplomatic and Economic Context - The establishment of the association coincides with the 35th anniversary of diplomatic relations between China and Singapore, which have evolved into a "comprehensive high-quality forward-looking partnership" [11][12] - The association aims to serve as a bridge for businesses to explore opportunities in both markets, facilitating investment and trade [11][12] Group 4: Vision and Future Opportunities - The association envisions creating an "Innovation Ecosystem" termed "New China-Singapore Science and Technology Rainforest," which will include top research institutions and enterprises from both regions [17] - The collaboration is expected to leverage Singapore's role as a financial and innovation hub alongside Beijing's strengths in technology and research [17]

Group 1 - The core point of the news is that a block trade of 60,000 shares of Jinshiyuan occurred on September 24, with a transaction amount of 2.1384 million yuan, at a price of 35.64 yuan, which represents a discount of 10.45% compared to the closing price of the day [1][2] - The buyer and seller of the block trade were both from Huatai Securities Co., Ltd., located in Huai'an Lianshui Hongri Avenue [1][2] - In the last three months, Jinshiyuan has recorded a total of 7 block trades, with a cumulative transaction amount of 17.5658 million yuan [1][2] Group 2 - The closing price of Jinshiyuan on the day of the report was 39.80 yuan, reflecting an increase of 0.51%, with a daily turnover rate of 0.49% and a total transaction amount of 245 million yuan [1][2] - Over the past five days, the stock has seen a cumulative decline of 4.85%, with a total net outflow of funds amounting to 61.2655 million yuan [1][2] - The latest margin financing balance for Jinshiyuan is 373 million yuan, which has increased by 2.3482 million yuan, representing a growth of 0.63% over the past five days [2]

Core Viewpoint - The article discusses the rise of grassroots football in Jiangsu Province, particularly through the "Su Super" league, which has garnered significant local and national attention, showcasing the unique cultural and economic dynamics of the region [3][27]. Group 1: Overview of the "Su Super" League - The "Su Super" league, initiated in May 2023, features teams from 13 cities in Jiangsu, attracting an average of 15,000 viewers per match, highlighting its popularity [3][4]. - The league emphasizes local pride and rivalry, with teams composed of players who have local ties, fostering a sense of community and competition [4][5]. - The league has become a platform for local businesses to engage with the community, with sponsorships primarily from regional companies [16][17]. Group 2: Development of Football in Jiangsu - The success of the South Tong team is attributed to the local football club, Kedi Yuan, which has a strong youth training program that has produced many talented players [7][8]. - Kedi Yuan operates on a free training model, which is rare in China, and has received support from local government and businesses to sustain its operations [9][12]. - The club has faced financial challenges but has managed to secure local government support and sponsorships to continue its development [13][14]. Group 3: Economic Impact and Future Prospects - The "Su Super" league is projected to generate over 300 million yuan in economic benefits, with each participating city expected to earn over 20 million yuan [30][33]. - The league has increased local tourism and consumption, with a reported 14.63% growth in tourism spending in host cities [30]. - The article suggests that the league's success could lead to the establishment of additional tiers of competition, further engaging more cities and players in Jiangsu [33].

Core Insights - The Chinese liquor industry is experiencing a trend of decreasing volume but increasing prices, with leading brands like Moutai and Wuliangye seeing revenue and net profit growth despite a decline in overall industry production [2][5][13] - Brand building has become crucial for all liquor companies, especially for small and medium enterprises, which can seek growth through regional market focus, transforming into specialty wineries, and enhancing consumer interaction [2][5][16] - The rise of low-alcohol and fruit wines poses challenges for traditional liquor companies, which must prioritize product quality and innovation to adapt to changing consumer preferences [2][22][25] Industry Trends - The overall production capacity of the liquor industry has been declining, with current capacity at about 30% of its peak in 2016, reflecting a shift in consumer preference towards premium and aged liquors [5][6][8] - The competition is increasingly characterized by a "survival of the fittest" dynamic, where leading brands grow at the expense of smaller players, leading to a phenomenon described as "this consumes that" [5][13] - The market is witnessing a bifurcation where high-end brands are facing price adjustments, with Moutai's actual transaction price dropping nearly 30% from its peak [14][29] Company Strategies - Companies like Gujinggong and Jinshiyuan have benefited from the industry's increasing concentration and have successfully leveraged regional economic growth to enhance their market positions [16][17] - Watering brands like Shui Jing Fang are focusing on brand building and product quality, positioning themselves well in the competitive landscape [19] - Small liquor companies are encouraged to either dominate a specific regional market or transform into local wineries that resonate with community sentiments, potentially leading to profitable operations [20][21] Consumer Behavior - Consumers increasingly demand specific brands when purchasing liquor, indicating a strong brand loyalty that drives market dynamics [12][19] - The perception of liquor as a premium product has led to a decline in the acceptance of non-branded or lower-quality offerings, emphasizing the importance of brand reputation [6][8][12] - The younger generation's shift towards lighter alcoholic beverages and fruit wines presents both a challenge and an opportunity for traditional liquor companies to innovate and adapt [22][23][25] Investment Outlook - The liquor sector is currently undergoing a valuation correction after a period of rapid growth, with investors advised to approach the market with a rational mindset based on their investment goals [27][29] - The potential for mergers and acquisitions in the liquor industry remains high, with significant interest in brands that can demonstrate strong growth potential [28][29] - The evolving economic landscape and changing consumer preferences necessitate a careful evaluation of investment strategies within the liquor sector [28][29]